Consumer Financial Protection Bureau director hopeful Richard Cordray came one step closer to becoming chief of the new bureau on Thursday, when the Senate Banking, Housing and Urban Affairs Committee voted in favor of his nomination. He now faces the tough challenge of a full Senate vote.
The committee today voted 12-10 in favor of Cordray’s nomination, along party lines. The decision now lies in the hands of the full Senate, including 44 republican senators who have previously said they will not approve any contender for the position until the structure of the bureau’s leadership is changed.
Republicans have lamented the “unfettered power” that the bureau could wield under a single director. Democrats have pushed the nomination of Cordray, a former Ohio Attorney General, in spite of republican concern.
Republican senators introduced bills earlier this year that attempted to “defang” the bureau by limiting its power and leadership. Among other efforts, Republicans have urged that the bureau operate under the direction of a bi-partisan commission, rather than a single chief. Forty-four republican senators signed a letter stating they would not approve any nominee unless the structure is changed.
Written by Elizabeth Ecker